Rhode Island Real Estate Market in 2022: Forecasts + Trends

Clever Real Estate

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Clever Real Estate

September 1st, 2022
Updated September 1st, 2022

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Rhode Island real estate trends

Real estate trends in Rhode Island | Sellers | Buyers | Investors | The best and worst of Rhode Island | Rhode Island resources

Rhode Island real estate trends (May 2022)

How is the real estate market in Rhode Island?
🏠 Average home value: $437,389
📈 0.35% home value increase month over month
💰 Median sale price: $440,900
⏳ 37 days on the market
🔑 Homes on the market: 1,522
📆 0.8 months of housing inventory
🏦 30-year mortgage rate: 5.59000%
💵 Average income: 70305
State of the market: A-
Rhode Island’s market is continuing to cool off. Although limited inventory has pushed demand, plateauing home values are evidence that the state’s hot streak might be over.
*Data last updated May 2022

Spanning just 1,214 square miles, Rhode Island is the smallest state in nation — but don't let its size fool you. Throughout its history, the Ocean State has been the site of tireless innovation.

For example, Rhode Island hosted the nation's first open golf tournament, boasts the nation's oldest carousel, and today keeps a thriving folk art tradition alive. Notable cities include Providence, Newport, and Warwick, but large stretches of the state are still considered rural.

Perched on the Atlantic coast between Massachusetts and Connecticut, Rhode Island's weather is defined by snowy New England winters and brisk sea breezes in the summertime.

If you're thinking of buying or selling in Rhode Island, these Rhode Island housing predictions and stats can help you make an informed decision.

Want to save money when you buy or sell your home? With Clever, you'll only pay 1% or $3K in listing fees. Eligible buyers get 0.5% cash back after closing. Find out how much you can save with Clever today!

Selling a home in Rhode Island

Rhode Island real estate market forecast for sellers
⏰ Homes are selling 1 days faster than the annual average
💰 Homes are selling for $39,033 more than the annual average
💸 Average listing commission: 2.660%
💸 Average buyer's commission: 2.46%

How to sell a home in Rhode Island

Cost to sell a home in Rhode Island

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Buying a home in Rhode Island

How much home you can buy with $300,000 in...
🏠 Providence: 1,017 sq ft

Investing in Rhode Island real estate

Best of Rhode Island

💡 Did you know…

With about 23 cafes per capita, Rhode Islanders can try a wide variety of coffee drinks while still spending less than the national average on their daily pick-me-up.

» Thirsty for more info? ☕ Read our full study here: The Best Coffee Cities in America

Each month, we compare locations in Rhode Island based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.

Happiest Counties in Rhode Island
1. Bristol County
2. Newport County
3. Washington County

Ready to buy a home in Rhode Island? Eligible buyers get cash back with Clever!

Worst of Rhode Island

Each month, we compare locations in Rhode Island based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.

Least Happy Counties in Rhode Island
1. Providence County
2. Kent County

Rhode Island resources

👋 Next Steps: Talk to an expert!

If you're weighing your options for buying or selling a house, Clever can help!

Our fully-licensed concierge team is standing by to answer questions and provide free, objective advice on getting the best outcome with your sale or purchase.

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Give us a call at 1-833-2-CLEVER or enter your info below. Our concierge team will be in touch shortly to help.

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Frequently asked questions about Rhode Island real estate

Investing in Rhode Island real estate is a good idea, particularly in cities like Providence, where people are always looking for housing. However, to make the most from your investment, you'll need to research which types of properties are profitable and which neighborhoods are desirable. Learn more in our guide to real estate investing.

It might be a good time to buy a house in Rhode Island right now. Listing prices are lower than usual, but inventory is still low which might lead to bidding wars on prime properties. To find the best deal, work with one of the top real estate agents in the state.

Methodology

Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.

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